Shiba Inu Price Holds Ground Amid Exchange Outflows and Increased Token Burns
The Shiba Inu coin price has pulled back after one of its strongest rallies in recent months, but on-chain data suggests investors are still positioning for another move higher.
One of the biggest developments for Shiba Inu has been the movement of more than 1 trillion $SHIB from centralized exchanges into private wallets. Exchange outflows are closely monitored because they reduce the amount of tokens immediately available for sale.
The acceleration in $SHIB token burns is also a supportive factor. According to Shibburn, more than 1 trillion $SHIB tokens were permanently removed from circulation during the recent rally, marking the largest burn activity in roughly a year.
Fading trading volume and the roughly 25% decline in futures open interest suggest that momentum has cooled following the initial surge, leaving the next move dependent on whether fresh buying demand returns.